ECB Keeps Policy Unchanged, But All Eyes Are On Draghi Amid Italy Jitters, Global Selloff

Ok, here comes Draghi. As noted on Sunday evening, the October ECB meeting won’t bring any actual policy tweaks, but it could provide something in the way of confirmation that the central bank cannot backstop Italy in the absence of a bailout request. The European Commission rejected Italy's draft budget this week, setting the stage for a protracted dispute over the proper course of fiscal policy and markets are on edge for any contagion from BTPs to the rest of the periphery. When it come